US housing starts rise in March, but less than expected

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US housing starts rose 2 per cent from a month earlier to a seasonally adjusted annual rate of 926,000 in March, the Commerce Department said Thursday. So far this year starts are averaging 969,000 a month, compared with just over 1 million last year. 

Starts on single-family units, which exclude apartments and represent almost two-thirds of the market, climbed 4.4 per cent. Multifamily units, including apartments and condominiums, fell 2.5 per cent. 

New applications for building permits, a bellwether for construction in coming months, declined 5.7 per cent. 

Economists surveyed by The Wall Street Journal had expected overall March housing starts to jump to a rate of 1.04 million. Most thought weather depressed activity earlier in the year and had expected to see signs of a spring rebound. 

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